"For years, American manufacturers have faced one of the highest tax rates in the world. We want to reduce that by over 20%. We want to drop the rate, particularly, for high-tech manufacturers like you, Mr. President, even further than the 20%," Vice President Joe Biden said at a manufacturing plant in Davenport, Iowa this week.

"We want to create a global minimum tax, because American taxpayers shouldn't be providing a larger subsidy for investing abroad than investing at home," Biden said at a campaign event.

If I hear this lie one more time, I think blood is going to shoot out of my eyes.

Once again: when government allows any person or any company keep a greater percentage of what they have already earned it is not a "subsidy", and it does not have to be "paid for" by ANYONE, you plug-headed socialist moron! IT IS NOT YOUR FREAKIN' MONEY.

Instead, why don't we have a global minimum tax on thieving politicians?

4
posted on 03/30/2012 9:34:52 AM PDT
by andy58-in-nh
(America does not need to be organized: it needs to be liberated.)

Biden is a very confused man. And, by the applause, it seems that many Americans are very confused as well.

First, it is insane to characterize the imposition of any tax, even a 1% tax, as “providing a larger subsidy for investing abroad than investing at home”. Taxes are forced exactions from private interests by governments. Subsidies are government grants of money or other resources to private interests.

Second, his idea of “creat[ing] global minimum tax” is pure demagoguery. White House National Economic Council direct Gene Sperling first mentioned “global minimum tax” last month, but has not elaborated much on what it means. Does it reflect an extension of the Obama Administration’s imperial hubris, or merely a massive tax hike on American companies that do business abroad? Either way, it’s stupid appeal to the economically ignorant.

Third, the whole idea of taxing “manufacturing” earnings at a rate 20% than other earnings and taxing “high-tech manufacturing” at a rate 20% below that is utter incompatible with the idea of equality before the law. I know that this is really an archaic idea, but some folks still think it has merit.

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